Not until you’ve had a good grip on your finances and expenses, you’d never have enough for your family needs, no matter how hard you work. It is either you always have too much to buy or too little to foot your bills. In the actual fact, debt is not far-fetched from people who haven’t given their financial life some thoughtful evaluation.
Maybe your monthly income is even a fat one but you realize it never goes round the clock. So, you begin to wonder;
“Why on earth am I lacking funds?”
Permit me to say, it’s not your fault. Don’t beat yourself up for what you know not its cause. You haven’t been exposed to the hacks of making things work that way before and it is okay.
The good news, however, is that you will be learning it today!
Living a Fabulous and frugal life whereby you have enough to spend and save takes learning, determination, and intentionality. And this article addresses just that. Read on to know the Fabfrugal codes of having more than enough, regardless of how much or how little your family earns.
Tip 1: BUY FEWER TOYS FOR YOUR CHILDREN
In order to cut down your expenses, you need to buy fewer toys for your children. You will agree with me that mothers most especially newly wedded are always excited about their babies. They are often tempted to spend more on clothes and toys. Some of these toys might even be way ahead of the baby but the love and the eagerness to see him playing around wouldn’t make them see this.
You don’t need to spoil your children with too many toys. They don’t need all the toys advertised. What they need in abundance is love and quality time, give them that.
Tip 2: AVOID THE SHOPPING/INFLUENCERS’ TRAP
Are you wondering what the above means? Of course, it is what you know.
You cannot cut down your expenses if you don’t avoid the influencers’ trap. When you see something attractive in the market that makes you forget what you went to buy in the first place. It is being entangled or entrapped at the sight of fanciful things that are not in your shopping list nor needed at home. And by default, if there is anything you should add to your shopping list at the market, ensure it is a pressing one and not just because it is fanciful.
Do not let your debit or credit card put you under the pressure of buying things without good reasons.
Tip 3: ALWAYS NEGOTIATE OR ASK FOR DISCOUNTS
You cannot cut down your expenses if you don’t learn to negotiate and ask for discounts. This is your money! You have every right to ask for a discount. It is now left to the seller if it is feasible or not. There is nothing that is off the table, ask for discounts, and negotiate the prices of your intended goods no matter how little. If hospital and funeral bills can be negotiated, then nothing is off-limits.
Tip 4: BUY OFFSEASON AND IN SEASON
You cannot cut down your expenses if you don’t know the best time to buy items. You really should learn how to reverse market strategies. Buy material things when they are not in high demand by people. Take, for instance, Christmas trees are always expensive in December. There is no other reason for this than the increase in demand around that time. Compared to someone who got theirs in June/July, there will always be a difference in the prices. You can also buy winter clothes in summer and vice versa. It definitely will be cheaper since they are offseason.
Foodstuffs, on the other hand, should be purchased in season. If you wait till it goes out of stock or becomes scarce, you will be paying more than is required.
Tip 5: ALWAYS USE A BUDGET
You cannot cut down your expenses if you don’t even have a plan for your money in the first place. A budget must not be seen as a limitation to your standard of living or income but the signpost that shows your money where to go. There is no limitation or barricade on your financial capacity when you are budgeting. It only shows you have plans for your finances and want to be accountable for your money. It will answer the question “why, when, where, and how am I spending my money!” It will even give you the nudge of saving and acquiring lesser liabilities in the home.
Finally, If you need help getting your finances in line, consider getting our budget template (here )it’s free. It will help you put your spending in check and allow you to save no matter how little your income.
There’s no better time to reduce your expenses than now. Taking it one step at a time will make it more realistic and you would be surprised at how rapidly you see results.